Hotels in Chicago are the best value, according to a report released Wednesday by the National Association of Realtors.
In 2018, hotel rates were the lowest in the country, and the average hotel stayed in the city was more than $1,000 a night, according the report from Realtor Alliance.
While the average cost of a stay in Chicago was less than $300 a night in 2018, that was the most expensive in the U.S. hotel industry.
Realtoring agents say the city’s high property taxes and high housing costs make it the best place to buy a home, with a median house price of $6,000, according in the report.
The median home price in the Chicago area was $6.3 million in 2018.
The report also found that the average income in Chicago last year was $71,000.
RealtyTrac reported in January that Chicago ranked as the fourth-most expensive city in the United States for buyers to buy homes.
ReacTrac said in 2018 the average price of a single-family home in Chicago dropped by more than 25 percent, and that Chicago’s average home price was $200,000 less than it was in 2017.
The city’s median home sale price in 2018 was $215,000 while the median sale price for a one-bedroom apartment was $1.5 million, according ReacTrac.
A survey released in April by real estate firm Realtoric found that Chicago was No. 1 for most people who could not afford to buy their first home.
The survey of 3,000 people also found a large number of buyers in Chicago who said they were planning to purchase in the coming years.
In 2019, the number of people in Chicago reporting they were looking to purchase their first property in 2019 was 1,074, according To Realtric.
The average price for new home buyers in the region in 2019, $215.1 million, was lower than the median home sales price of the region of $223.2 million, Realtrac said.
Reaching a buyer in Chicago could take a while, though, because of the citywide sales tax.
In 2017, the state’s property tax rate was 2.1 percent, but it was increased to 5.75 percent in 2019.
The tax increases came after the city passed a tax-and-spend package that increased property taxes by an average of 7.2 percent over the next two years.
Chicago has the highest property tax in the Midwest, with an average property tax of $8,974 per year, according a report from the Property Tax Institute.
Property taxes in the City of Chicago were $10.8 billion in 2019 and the city spent $4.1 billion on the tax, according The Property Tax Report, which also noted that the median tax increase was 10.2%.
A spokeswoman for Chicago’s Board of Aldermen said the tax increase wasn’t a factor in the decline in new home sales, but that the council would consider the issue in 2018 when it considers a tax increase.